摘要2026年1月9日欧洲时段，受美元走强及投资者获利了结影响，黄金与白银价格双双下跌。美元升值 削弱了海外买家的购买力，导致周四金价承压下行。白银价格亦显著回落，跟随黄金走势。由于大宗商 品以美元计价，美元走强使其对国际买家更加昂贵，从而进一步抑制了需求。 【要闻速递】 投资者目前预计美联储今年将有两次降息。 【最新技术分析】 现货黄金：金价自日低反弹，因交易商趁回调之机加码多头头寸。若金价能稳守4450美元上方，则有望 进一步上攻4500美元附近的近期高点。 现货白银：随着金银比升至58.00上方，白银价格承压回落。从宏观视角看，交易员在历史高位附近持 续获利了结。若银价跌破74.00美元，将为测试下一支撑区间70.20-70.80美元打开空间。 在白宫表示华盛顿将"无限期"控制委内瑞拉石油销售后，特朗普表示，"只有时间才能证明"美国需 要"监督"委内瑞拉的运行多长时间。 在特朗普重返白宫12个月以来，国防板块股票表现持续优于黄金和白银。周三晚些时候，特朗普宣布计 划限制美国武器制造商向股东支付高额股息或为高管发放巨额奖金。 尽管美国ADP12月就业数据显示增加4.7万人，但市场焦点仍集中在将于周五公布的 ...

Core Viewpoint - Gold prices declined due to the strengthening of the US dollar, with investors preparing for the upcoming non-farm payroll report and assessing the impact of US pressure on Venezuela [1] Group 1: Market Dynamics - Analysts from MKS PAMP noted that traders are weighing the escalation of geopolitical tensions, including US intervention in Venezuela and potential conflicts in Greenland, while also monitoring macroeconomic signals from the US [1] - Soft employment data has increased market expectations for further interest rate cuts by the Federal Reserve, although investors remain cautious about market volatility and the potential for profit-taking at high levels [1] Group 2: Economic Indicators - Recent data showed that US job openings fell to a 14-month low in November, indicating a slowdown in hiring activity and a weakening labor demand [1]

多名美国国会官员4日批评美政府未向国会就对委军事行动进行说明，违反美国法律。美国国会参议院 民主党领袖查克.舒默4日表示，美国政府未经国会授权就采取军事行动，完全违反了法律。参议院拨款 委员会国防小组委员会高级委员克里斯.孔斯4日指出，美国政府并未向委员会说明行动计划，且对后续 事项"毫无明确规划"。 【机构观点】 贵金属市场呈现震荡偏强格局，但持续上行动能有限，短期多空因素交织下难现单边趋势。一方面，地 缘政治风险持续为贵金属提供支撑。委内瑞拉局势近期再度紧张，美国对部分产油国及主要贸易伙伴的 制裁威胁与外交施压不断，加剧了全球政治经济环境的不确定性，促使部分避险资金流入黄金等传统安 全资产。然而，上行空间亦受到明显制约。当前美元指数表现强劲，主要得益于美国与非美经济体货币 政策周期的差异，美联储维持相对鹰派的立场令美元资产吸引力上升。强势美元通常对以美元计价的贵 金属价格构成直接压力，这在一定程度上抵消了避险需求带来的提振效果。综合来看，短期内地缘政治 紧张情绪对价格的正面影响占据主导，贵金属走势或维持偏强震荡。但美元走强的压制效应不容忽视， 市场缺乏明确的趋势性驱动因素，预计将维持高位盘整格局，上行与下 ...

Group 1 - The core point of the article highlights the recent price adjustments of gold, with Chow Tai Fook's gold price at 1357 CNY per gram and Lao Feng Xiang at 1354 CNY per gram, indicating a correction from previous highs [1] - The price differentiation in bank investment gold bars is noted, with China Construction Bank quoting 994 CNY per gram, reflecting a broader trend in the market [1] - The primary reasons for the price adjustments include the narrowing expectations for a Federal Reserve interest rate cut, a strengthening US dollar, and profit-taking by some investors, leading to a domestic gold price decline following raw material price corrections [1]

Core Viewpoint - The gold prices of Chow Tai Fook and Lao Feng Xiang have decreased, with Chow Tai Fook at 1357 CNY per gram and Lao Feng Xiang at 1354 CNY per gram, indicating a correction from previous highs [1] Group 1: Price Trends - The price of investment gold bars varies among banks, with China Construction Bank pricing at 994 CNY per gram [1] - The recent price differentiation is primarily due to the narrowing expectations of interest rate cuts by the Federal Reserve and a strengthening US dollar [1] Group 2: Market Dynamics - Some investors are taking profits, leading to a domestic gold price adjustment that follows the raw material price decline [1] - Retail gold prices in stores are supported by brand premiums and processing fees, resulting in a relatively moderate decline compared to raw material prices [1]

今日周二(12月9日)亚盘时段，白银td目前交投于13671一线下方，今日开盘于13653元/千克，截至发 稿，白银td暂报13627元/千克，上涨0.13%，最高触及13717元/千克，最低下探13526元/千克，目前来 看，白银td盘内短线偏向看跌走势。 【要闻速递】 【最新白银td行情解析】 日图来看，白银td走势区域震荡，价格小幅上涨，目前DMI数据显示下行动能，行情空头态势强劲，但 仍处于正值区间，等待上涨动力，短期仍然看涨，白银走势下方关注13000-13500支撑；上方关注 13800-14000阻力。 在基辅面临美国施压要求与俄罗斯达成和平协议的敏感时刻，法国、德国和英国领导人在伦敦会晤乌克 兰总统泽连斯基，并表达了强烈的支持，将此称为基辅的"关键时刻"。这一表态不仅强化了西方阵营的 团结，也凸显了俄乌冲突的持久性。 地缘政策的不确定性，往往刺激市场避险情绪，而白银同样拥有避险属性，在一定程度上支撑银价。 同时据CME"美联储观察"：美联储12月降息25个基点的概率为89.4%，维持利率不变的概率为10.6%。 美联储到明年1月累计降息25个基点的概率为68.5%，维持利率不变的概率为7.8% ...

财经摆渡人 精研出品 破浪前行，共探财富新局 大家好欢迎收看【古今财鉴】 9月17日，美联储宣布降息25个基点；10月29日，又降了25个基点。 按咱们普通人的理解，央行降息就是让钱变"不值钱"，美元汇率该跌才对。 可现实偏偏拧着来美元指数从9月16日的96.64，一路涨到11月21日的100.15，硬是涨了3.6%。 这事儿说出来你可能不信，降息反而让美元更值钱了，这到底是咋回事？ 美国经济的"反向操作"，降息了，钱反而更值钱？ 美元这波走强，首先得从美国自己的经济韧性说起。 你想啊，美联储敢降息，前提是觉得经济还行，可市场买不买账，得看实际情况。 今年美国通胀一直卡在3.0%左右，没降到美联储2%的目标，这就有意思了之前大家以为会一路降息， 结果一看通胀还在"半山腰"，立马改口"降慢点也行"。 这种预期一调整，美元就没那么慌了。 劳动力市场更有意思。 全球经济"比惨大会"，欧元、日元、英镑，谁先撑不住？ 美元走强，不光是自己给力，还得感谢"同行衬托"。 失业率从年初的4.0%升到9月的4.4%，看着像降温了吧？可9月非农新增就业11.9万，比预期还多，劳 动参与率也跟着涨了0.1个百分点。 这就好比开车， ...

法国兴业银行表示，由于美国中期经济增长前景未受影响，2026 年美元将回归。包括基特・贾克斯 （Kit Juckes）在内的策略师在一份报告中写道："我们预计，2025 年第四季度美国经济增长放缓将在未 来几周及 2026 年初令美元承压，但我们认为美国中期经济增长前景并未恶化。"该行预测，到 2026 年 第一季度，欧元兑美元（EUR/USD）汇率将达到 1.20，但到 2026 年底将跌至 1.14。受美国关税政策影 响，加元（加拿大元）可能成为明年十国集团（G10）货币中表现最差的币种。2026 年全年，在美元走 强的背景下，许多新兴市场（EM）货币的即期汇率表现将出现恶化。 ...

Core Viewpoint - LME copper prices fell on December 2 due to a stronger dollar, decreased risk appetite, and profit-taking after reaching record highs [1] Group 1: Market Performance - On December 2, three-month copper closed at $11,145.00 per ton, down $107.00 or 0.95%, after hitting a historical high of $11,334.00 per ton on the previous day [1][2] - Year-to-date, LME copper has increased by 27%, primarily driven by concerns over potential shortages [3] Group 2: Market Sentiment and Factors - Market sentiment remains high for copper, but a correction is anticipated; prices are expected to have upward potential as long as they stay above $11,000 per ton [3] - The strong dollar has made dollar-denominated commodities more expensive for buyers using other currencies, impacting demand [3] Group 3: Supply Dynamics - The market is assessing the impact of major Chinese smelters' plans to reduce production by 10% next year, which could tighten refined copper supply [4][5] - Analysts suggest that the smelters' reduction plans reinforce the outlook for a tighter refined copper supply [5]

Core Viewpoint - Barclays Research anticipates that risk assets will receive stronger support, and the US dollar will continue to strengthen until 2026, despite market volatility due to uncertainties surrounding AI valuations, investment returns, and earnings growth [1] Group 1: US Dollar Outlook - The positive outlook for the US dollar is primarily based on significant AI capital expenditure plans in the US, which could have transformative impacts on the economy, geopolitics, and competition [1] - Concerns regarding the independence of the Federal Reserve are diminishing, tariff risks are easing, and fiscal stimulus measures are advancing, contributing to a positive momentum for the dollar expected to last until 2026 [1] Group 2: Market Dynamics - Even if risk sentiment deteriorates further, there is still potential for the dollar to appreciate against the yen, while high-beta emerging market currencies may face vulnerabilities [1]